FACEBOOK ‘TO LAUNCH CRYPTOCURRENCY IN 2020

Facebook is preparing to launch its own cryptocurrency in 2020, it has been reported.

The social media giant will set up the digital payment system in about 12 countries in the first three months of next year, according to the BBC.

Facebook founder Mark Zuckerberg has reportedly discussed the plan with Bank of England governor Mark Carney and consulted the US treasury about operational and regulatory issues.

The company is expected to announce details of the cryptocurrency, known internally as GlobalCoin, this summer and begin testing the system later this year.

Facebook first confirmed it was “exploring ways to leverage the power of blockchain technology” last year, when it was reported to be working on a system that lets users convert currencies into digital coins and transfer money over its WhatsApp messaging apps.

Earlier this month, the firm established a new financial technology company focusing on blockchain – the technology on which cryptocurrencies run – as well as payments, data analytics and investing. Libra Networks, with Facebook Global Holdings as stakeholder, was registered in Geneva on 2 May to provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register show.